05.10.2021

The New Green Road discussed in all its aspects at the 7th Istanbul Carbon E-Summit

The 7th Istanbul Carbon E-Summit was held, under the Climate Finance Sponsorship of TSKB and its affiliate Escarus offering consultancy services in the field of sustainability. During the summit titled “Green Recovery for a Climate Resilient Turkey: The Role of Waste and Energy Management”, strategies and practices to increase Turkey's climate resilience were discussed, while TSKB and Escarus hosted the session titled 'The New Green Road: Opportunities and Challenges'.

TSKB was awarded in the category “Innovative Sustainable Financing Solutions” at the Summit, where organizations increasing our country's resilience to the climate crisis were awarded.

The 7th Istanbul Carbon E-Summit was organized where the Industrial Development Bank of Turkey (TSKB) and its affiliate Escarus offering consultancy services on sustainability solutions and the transformation of the business world acted as Climate Finance Sponsors and the Ministry of Environment and Urbanization, Istanbul Technical University (ITU) and the Sustainable Production and Consumption Association (SPCA) were main sponsors. ‘During the summit titled “Green Recovery for a Climate Resilient Turkey: The Role of Waste and Energy Management”, strategies and practices were discussed apart from increasing Turkey’s climate resilience. Current trends, opportunities, challenges and expectations on the green strategy and approaches were evaluated during the session titled 'The New Green Road: Opportunities and Challenges' moderated by Escarus and attended by TSKB, TKYB (the Development and Investment Bank of Turkey) and EBRD (European Bank for Reconstruction and Development) executives as panelists.

TSKB was awarded in the category “Innovative Sustainable Financing Solutions” at the E-Summit, where organizations increasing our country's resilience to the climate crisis by reducing carbon footprint were awarded by the Sustainable Production and Consumption Association.

Kubilay Kavak, PhD,: “The European Green Deal is not just an issue of carbon trading, it is the beacon of a major intellectual transformation.”

In his evaluation of the European Green Deal, Escarus General Manager Kubilay Kavak, PhD, said, "The European Green Deal is not just an issue of carbon trading, it is a beacon of a major intellectual transformation. It is a leading indicator for an economic paradigm shift," and made the following statements regarding the title of the panel: “We think there are three critical words to summarize this whole process: The first one is 'new'. From time immemorial, some devastating weather events have occurred in various parts of the world. Now, the frequency and severity of these events have started to increase. Throughout this year, many European countries along the Mediterranean belt struggled with fire disasters while the Black Sea Region encountered severe floods. Texas experienced horrendous winter conditions that brought the state's residents back almost a century ago in terms of comfort standards, leaving them without electricity and natural gas, and suddenly breaking out. Therefore, we are faced with a completely new situation. Why 'green'? Because the main color of response to this new situation is green. From the Climate Agreement to the EU Green Deal and the IMF's call for green recovery, all policy texts that have received global response suggest a green stance. Finally, the 'road'. It took a long time to reach an agreement on the fight against climate change, but as of the point we have reached, this long and narrow road turns into a multi-lane highway. Now, with the Biden administration, we see that we have entered a new era along with the new position of the USA as well as the mutual negotiations and leadership driven by China, Continental Europe and the UK.”

Tulu Ertem: “If we focus on energy and resource efficiency and the circular economy, our share of international financing will increase.”

Considering how the curve in the climate crisis will change, Tulu Ertem said, “At the point we are standing today, the climate problem has started to have repercussions for the lives of each of us and affect the financial dimension of companies. Now, we need to put climate risks on our agenda as the state and private sector in order to access financing. Energy and resource efficiency along with the circular economy are the areas in which we need to invest in the upcoming period. If we focus on these areas, our share of international financing will increase. We should see this period as an opportunity. On the other hand, climate change has now become a reality just like the four seasons. Climate change should definitely be included as a course in the education curriculum of our children.

Mentioning the work that companies should do in this area, Ertem said, “We need to focus on energy and resource efficiency, renewable energy use, pollution prevention and circular economy in our processes. Making adaptation investments and measuring greenhouse gases is one of the important topics. In the first place, reducing emissions resulting from our production has become an important issue for companies to proceed with their activities. If we want to see our products on the shelves abroad, we have to make this happen.”

Stating that they carry out many studies within the scope of science-based targets, Ertem said, “Our main goal should be to reduce on-site emissions. In fact, we can achieve very significant reductions by means of very simple measures. For example, fire extinguisher gas. We have seen that we can achieve significant reductions in emissions caused by gas leaks by switching to gas with a lower greenhouse gas effect instead of the existing gas. In addition, we anticipate that we will be able to achieve our goals in a short period of time via measures such as switching to electric vehicles and renewing our existing machinery and equipment.”

Tulu Ertem: “90 percent of our loans are intended for Sustainable Development Goals”

Tulu Ertem, Group Manager of TSKB Engineering and Technical Consultancy Department, gave detailed information about TSKB's work during her speech at the session. Stating that 90 percent of TSKB's loan portfolio consists of investments that have implications for the UN Sustainable Development Goals, Ertem said: “To date, TSKB has financed 375 renewable energy projects, including hydroelectric power plant, wind, solar, geothermal and biogas. This corresponds to a figure of approximately 7,150 MW, or 13-14 percent of Turkey's installed power. Given the distribution of the projects we finance, we can say that wind and solar energy follow a rising trend. We published the Turkey Climate Risks Report in 2021 and we created our financial impacts and targets within the scope of this report. By 2030, we aim to have more than $8 billion in loans for sustainable development. Another goal of ours is to increase our loan portfolio, which have implications for climate change and environment-themed SDGs, above 60 percent in the same period. We have set our science-based goals regarding the impact of our activities. There is not yet any financial institution in the world whose targets have been approved by the Science Based Target Initiative. As TSKB, we have started activities to get this approval and are committed to reduce our scope 1 emissions by 42 percent by 2030 and by 63 percent by 2035. On the other hand, we have started to work on how to measure the carbon emissions of the investments we finance.”

Türkiye Sınai Kalkınma BankasıTurkey’s comprehensive environmental portal cevreciyiz.com is supported by TSKB.